潘功胜：加大宏观调控强度 推出一揽子货币政策措施

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations, focusing on enhancing liquidity and supporting economic growth through various tools [1][3]. Summary by Category Quantity-Based Policies - The PBOC announced a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to inject approximately 1 trillion yuan into the market [2]. - A temporary reduction of the RRR for auto finance and financial leasing companies from 5% to 0% was also introduced [2]. Price-Based Policies - The policy interest rate was lowered by 0.1 percentage points, reducing the 7-day reverse repo rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [2]. - All structural monetary policy tool rates were reduced by 0.25 percentage points, potentially saving banks 15 to 20 billion yuan annually [2]. - The interest rate for personal housing provident fund loans was decreased by 0.25 percentage points, with the rate for first-time homebuyers on five-year loans dropping from 2.85% to 2.6%, expected to save over 20 billion yuan in interest payments annually [2]. Structural Policies - The PBOC is enhancing and creating new structural monetary policy tools to support sectors like technological innovation, consumption expansion, and inclusive finance [1][4]. - A new 500 billion yuan "Service Consumption and Elderly Care Re-loan" tool was established to boost domestic demand and support service consumption sectors [5]. - The quota for the "Technological Innovation and Technical Transformation Re-loan" was increased from 500 billion yuan to 800 billion yuan [5]. Capital Market Support Tools - Two capital market support tools were created to enhance investor confidence and stabilize financial market expectations, allowing listed companies to manage their market value through stock buybacks [7][8]. - The total quota for these tools was merged to 800 billion yuan to improve flexibility and meet diverse market needs [8]. Bond Market Initiatives - The PBOC is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions and tech companies, with nearly 100 market entities planning to issue over 300 billion yuan in bonds [9][10]. - A risk-sharing tool for technology innovation bonds was established to lower financing costs for equity investment institutions and support longer-term bond issuance [10].